Investing in innovation: Biomedical? Or something else? (Morning Read)

Among today’s current medical news: the debate on what exactly should be innovated; tips for incoming medical students; a little-known pharma fraud crackdown; and Tennessee hospitals get into venture capital.

Current medical news and unique business news for anyone who cares about the healthcare industry.

The Innovation Debate. President Obama’s State of the Union has now triggered deeper debates about innovation. The GE Global Innovation Barometer says executives are looking for innovation through collaboration and via small companies. Others think President Obama’s speech actually gave biomedical short shrift, and there’s a risk the president will fund other less-promising sectors away from healthcare.

The tired argument reappeared that government can’t fuel innovation (SBIR anyone?), though there’s a greater concern that there can’t be innovation spending without specific government cuts.

Eight tips for medical school. Medical students should: get a large widescreen computer monitor; the book “Robbins Pathologic Basis of Disease;” a smartphone; a stethoscope; a “good” bed; question and review books; and a good anatomy atlas. And finally, they should attend an affordable medical school.

Pharma perp walk? The Pharmaceutical Fraud Pilot Program is less than one-year-old and is investigating several companies for off-label promotion issues, fraud related to Good Manufacturing Practice issues, and falsified clinical trials documents. “The big question, though, is whether any execs will do the perp walk,” asks Pharmalot.

Dealflow and more. Tennessee hospitals will invest $10 million through a healthcare venture capital funddiabetes biotech Elcelyx Therapeutics raised $6 million; fibrosis drugmaker Stromedix raised $2 million but wants to raise $15.5 million; drug clot monitor MicroVisk Technologies raised $9.5 million; brain diagnostics company Nexstim raised $15.5 million.

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